How Does A Short Sale Affect My Credit

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There are several ways a foreclosure or short sale affects your credit score. If done correctly, a short sale can have less of a negative impact on your credit score than a foreclosure. If done correctly, a short sale can have less of a negative impact on your credit score than a foreclosure.

 · Short Sale. The credit impact depends on how many late payments there are. If a short sale is completed without any late payments then the credit impact would be much less than that of a foreclosure. If the borrower accrues a significant amount of late payments during the short sale then the credit impact could still be as much as 200 points.

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A foreclosure stays on your credit report for 7 years. That means it will negatively affect your credit for 7 years, but less and less as time goes on. How long does a short sale stay on your credit report? As mentioned above, short sales aren’t treated any differently from foreclosures, so they will remain for 7 years as well.

There isn’t a straight answer to tell you how a short sale can affect your credit. The reason is, the impact depends on what your credit standing was beforehand. In most instances, a short sale can decrease a person’s credit score by 160 points or so. But if your credit was already low, it could take a harder hit.

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Your Short Sale Credit Does Affect – Twostudsandahammer – How does a short sale affect your credit? – WalletHub – A short sale will significantly damage your credit score. Even if your payments were never late, the mortgage remains on your credit report for seven years from the date of settlement.

Short Sale: Steep maintains that the effect of a short sale (providing the sellers are more than 59 days late) on a seller’s credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points.

More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure. Here’s how to.